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Unit 7 Exam Review
Terms in this set (19)
The International Monetary Fund may arrange a debt rescheduling program for an LDC. In return, the LDC will agree to
produce more goods for export.
What was the likely result of the trend shown on the graph?
The dollar mostly depreciated.
A country has the following statistics: its per capita GNI is $900 per year; its infant mortality rate is 113.5 out of 1,000; and its literacy rate is 22.9 percent. Which of the following would be most likely to hinder the development of this country?
rapid population growth
Your neighbor argues that tariffs should be raised to protect American jobs. You can infer from this that your neighbor favors
A 16-year-old resident of an LDC quits school to help raise younger members of her family and work the family farm. Her situation is a good example of which obstacle to development?
lack of human capital
Which is the most common result of rapid economic development in a nation such as India?
increasing gap between rich and poor
The United States has a lot of rich farmland, sophisticated agricultural machinery, and a climate favorable to farming. These facts would best support the conclusion that the United States
has an absolute advantage over some other nations in agricultural production.
Which is the best synonym for the economic term development?
Nation A has a comparative advantage over Nation B in the production of bicycles. This means that Nation A
can produce bicycles at a lower opportunity cost than Nation B.
Which flow best reflects the economic history of Russia and China since the late 1900s?
Which of the following would be most worrisome to an economist concerned about sustainable development?
Which of the following was the result of NAFTA?
It created a large free-trade zone.
Which of the following statements best describes the place of the United States in a world that is economically interdependent?
It is a major importer and exporter of a variety of goods.
A multinational based in the United States opens a manufacturing plant in Congo, an LDC in Africa. This is an example of
foreign direct investment.
In recent decades, Mexico has increased its GDP and successfully exploited its oil resources. It is generally classified as a
newly industrialized country.
One result of free trade has been to
increase the pace of globalization.
Globalization has led to increased competition worldwide. How may this benefit developed nations?
It provides an incentive for innovation.
Which of the following is an accurate observation about the U.S. balance of trade during the period shown in the graph?
The United States increasingly imported more than it exported.
Which statement describes the exchange-rate system currently used by the United States and its major trading partners?
flexible rate system determined by supply and demand
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